US unemployment falls to 3.4% as surprise 517,000 jobs added in January

'Monstrous' job growth

Valeria Martinez
clock • 1 min read

The US added 517,000 jobs in January, as hiring unexpectedly jumped despite high inflation, rising interest rates and a looming economic downturn.

This is up from the 223,000 increase in non-farm payrolls seen in December. Economists surveyed by Bloomberg had forecast 185,000 new jobs and the unemployment rate to rise to 3.6%.  However, Labor Department figures showed the unemployment rate ticked down slightly to 3.4%, the lowest level since 1969, from 3.5% in December.  Average hourly earnings meanwhile rose 0.3% on the month, in consensus with expectations, against a 0.3% gain in December.   Seema Shah, chief global strategist at Principal Asset Management, described the figures as "monstrous" and noted that such strong job...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on US